Daily Market Update: Markets Hold Steady as Traders Await FOMC Announcement

TLDR

• Bitcoin dropped below $95,000 on December 8, 2024, falling 3.5% in 24 hours to trade around $94,800
• Ethereum declined 5.2% to $3,750 while other major cryptocurrencies showed mixed performance
• Stock markets opened lower with S&P 500 down 0.4% and Nasdaq falling 0.6% in early trading
• Gold prices rose 0.8% to $2,665 per ounce as investors sought safe-haven assets
• Crypto market capitalization decreased by approximately $120 billion in the past day

Bitcoin fell below the $95,000 mark on December 8, 2024, continuing a downward trend that started over the weekend. The largest cryptocurrency by market cap dropped 3.5% in the past 24 hours.

As of early trading hours, Bitcoin was changing hands around $94,800. The digital asset reached a high of $98,200 just two days earlier before the selloff began.

Ethereum experienced a steeper decline during the same period. The second-largest cryptocurrency fell 5.2% to trade at approximately $3,750.

Altcoin Performance Varies

Other major cryptocurrencies showed mixed results during the trading session. XRP declined 2.8% while Solana dropped 4.1% over the past day.

Cardano bucked the trend with a modest gain of 1.3%. BNB remained relatively flat with only a 0.2% decrease.

The total cryptocurrency market capitalization decreased by roughly $120 billion. Trading volume increased by 15% as investors responded to the price movements.

Traditional Markets Follow Crypto Lower

Stock markets opened in negative territory on December 8. The S&P 500 index fell 0.4% in early trading while the Nasdaq Composite dropped 0.6%.

The Dow Jones Industrial Average declined 0.3% during the opening session. Technology stocks led the losses with several major companies trading lower.

Treasury yields moved higher during the session. The 10-year Treasury note yield climbed to 4.18% from 4.15% the previous day.

Gold prices moved in the opposite direction of risk assets. The precious metal gained 0.8% to reach $2,665 per ounce.

Oil prices remained relatively stable with West Texas Intermediate crude trading near $68 per barrel. Brent crude held around $72 per barrel.

Trading Volume and Market Activity

Crypto exchanges reported elevated trading activity during the decline. Binance processed over $45 billion in 24-hour volume across all trading pairs.

Coinbase saw increased retail activity with trading volume up 20% compared to the previous day. The exchange’s Bitcoin trading pair accounted for the majority of volume.

Futures markets showed increased short interest as traders positioned for further downside. Bitcoin futures open interest on CME reached $12 billion.

The Bitcoin fear and greed index moved into fear territory at 42. This marked a decline from 58 just three days earlier.

Stablecoin market capitalization remained steady at approximately $145 billion. USDT and USDC maintained their positions as the top two stablecoins by market cap.

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